FRIEDMAN ADENA T (President and CEO) received a stock award from NASDAQ, INC.

Compensation award — not an open‑market transaction. Less informative as a directional signal.

A · 2 awards

FRIEDMAN ADENA T

Filed: 2/17/2026ACC: 0001193125-26-054557

InsiderFRIEDMAN ADENA TCIK 1240169

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IssuerNASDAQ, INC.CIK 1120193

DirectorOfficer· President and CEO

Since Jan 2019

+154.42K

Net shares

Net buyer

$9.31M

Total sold

Open market trades

0B · 0S

Total transactions

270.19K acquired · 115.78K disposed

Non-Derivative Transactions3

Common Stock, par value $0.01 per share

Direct

A · Award

+228.46K

Price / share

—

Trade value

—

% of position

11.9%

2/12/2026

1.92M→2.15M

Common Stock, par value $0.01 per share

Direct

F · Tax Withholding

−115.78K

Price / share

$80.42

Trade value

$9.31M

% of position

5.4%

2/12/2026

2.15M→2.04M

Common Stock, par value $0.01 per share

Direct

A · Award

+41.74K

Price / share

—

Trade value

—

% of position

2.0%

2/12/2026

2.04M→2.08M

Total

Net shares

+154.42K

Net value

-$9.31M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock, par value $0.01 per share Direct	2/12/2026	A · Award	+228.46K	—	—	11.9%	1.92M	2.15M
Common Stock, par value $0.01 per share Direct	2/12/2026	F · Tax Withholding	−115.78K	$80.42	$9.31M	5.4%	2.15M	2.04M
Common Stock, par value $0.01 per share Direct	2/12/2026	A · Award	+41.74K	—	—	2.0%	2.04M	2.08M
Total			+154.42K		-$9.31M

Derivative Transactions0

No derivative transactions reported

Non-Derivative Holdings (Post-Transaction)2

Common Stock, par value $0.01 per share

Indirect

Shares owned73.50K

Common Stock, par value $0.01 per share

Indirect

Shares owned73.50K

Total

147K indirect147K

Security Title	Shares Owned	Ownership Type
Common Stock, par value $0.01 per share	73.50K	Indirect
Common Stock, par value $0.01 per share	73.50K	Indirect
Total	147K	147K indirect

Derivative Holdings (Post-Transaction)2

Employee Stock Option (Right to Buy)

Direct

Underlying security

Common Stock

Underlying shares

306.94K

Shares owned

306.94K

Exercise price

67.48

Expiration

—

Exercise window

—

Employee Stock Option (Right to Buy)

Direct

Underlying security

Common Stock

Underlying shares

206.45K

Shares owned

206.45K

Exercise price

22.22

Expiration

—

Exercise window

—

Total

Underlying

513.39K

Owned

513.39K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option (Right to Buy) Direct	Common Stock	67.48	—	—	306.94K	306.94K
Employee Stock Option (Right to Buy) Direct	Common Stock	22.22	—	—	206.45K	206.45K
Total					513.39K	513.39K